Norway: Awilco LNG 2Q Income Drops

Awilco LNG of Norway reported freight income of USD 12.4 million in the second quarter of 2012 (USD 17.7 million in Q1 2012) and an EBITDA of USD 3.0 million (USD 11.8 million in Q1 2012).

In this quarter, earnings are affected by dry dock of WilPower from May until to 20 June.

In April WilGas was fixed for a two year contract to Petrobras. The contract will commence on expiry of the existing contract in early November 2012.

Third and final pre-delivery installment on newbuilding no. 2 was paid in May. Vessel utilization of 68 %, compared to 88% in the previous quarter, the company added.

Awilco LNG owns three 125,000 cbm LNG vessels: WilGas, WilPower and WilEnergy. In addition, the company has entered into a newbuilding contract with Daewoo Shipbuilding & Marine Engineering in Korea for two 155,900 cbm LNG vessels to be delivered during the 3rd and 4th quarter of 2013.

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LNG World News Staff, August 29, 2012; Image: Awilco LNG